This worked for me, installation is a bit odd but you can get the .vxd needed by using 7-zip 4.65 in the VM and right-click setup.exe > 7-zip > open as archive and extract amnrefr.vxd to C:\Windows\System
You also have to follow instructions 1-6 (step 7 has been done above) in Instructions.txt, which are:

To run AmnHLT without an installer, here's a good tutorial: 1. After you've completely installed Windows 9x or Millennium Editio […]
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To run AmnHLT without an installer, here's a good tutorial:
1. After you've completely installed Windows 9x or Millennium Edition, open regedit.
2. Go to HKEY_LOCAL_MACHINE\System\CurrentControlSet\Services\VxD.
3. Create a key named AmnHLT.
4. Create a binary value named Start with a value of 00 inside the AmnHLT key.
5. Create a string value named StaticVxD with a string of AMNREFR.VXD inside the AmnHLT key.
6. Shutdown the operating system and close the emulator.
7. Inject the Amnrefr.vxd driver into the C:\Windows\System directory.
8. Boot Windows 9x/ME.
9. Done.

SA1988 wrote:

You need a more powerful CPU and mobo. The reason why on some boards you can't set more than 128MB of ram is because the 86box t […]
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You need a more powerful CPU and mobo.
The reason why on some boards you can't set more than 128MB of ram is because the 86box team prefers to set it per how the emulated motherboard originally supported the highest amount of ram when it shipped.

For Windows 95 lagging, you might want AmnHLT (a VXD driver for Win9x, including WinME) to reduce the lag significantly.
Download link is below the screenshot.

Some simple screenshot of Windows 98 SE.